It is always an interesting thing to see which businesses make it, and which ones ultimately can't handle changing times and the ways consumers shop. Some aren't surprising. While others such as retailers like Lord & Taylor, with expansive history, have sad ending to a nostalgic, customer-oriented true shopping experience.
1. Barnes & Noble
Barnes & Noble has managed to hang on as the country’s largest remaining book retailer, but Amazon simply has an incredible domination in most markets, especially the book market has been majorly detrimental to the chain’s profits for many years.
Amazon’s plan to wipe out the book retailer for good, may actually happen in 2019; but we’ll see if B&N can hang on for another year or two.
2. The Container Store
Organization is just one of the many ways to feel in control of your life. We love The Container Store, but we don't love their steep prices. Honestly, there are cheaper organization options available at big box stores like The Home Depot, Amazon, Target, Costco and Walmart, which has caused The Container Store serious problems for years.
The beloved chain has been on bankruptcy watch lists since 2016, with many speculating that 2019 will be the year consumers say goodbye. This is a perfect example of many stores being out of touch with the average consumers desired price points.
3. Lord & Taylor
Lord & Taylor's iconic flagship Fifth Avenue store in Manhattan closed this week. This marks the end of the retail giant's remarkable 193-year run in New York City.
Your local Lord & Taylor may be closing soon. Hudson’s Bay, the department store chain’s owner, plans to shut down up to 10 of its 48 Lord & Taylor stores nationwide through 2019, including its iconic New York City Fifth Avenue location. Forty-five smaller stores will remain open, primarily along the eastern seaboard. But the 11-story building, which first opened on February 24, 1914, was recently sold for $850 million to WeWork Property Advisors, a real estate investment group.
The retailer says an increased focus on digital, new leadership and an optimized store footprint will help reduce costs and improve the brand’s overall performance.
For middle-class families, Lord & Taylor was accessible elegance. Here is an outstanding article from Fox News highlighting the interesting details Lord & Taylor's elegant era. This article shows what Lord & Taylor offered, from outstanding customer service, to mahogany inlaid with ebony fixtures, to a gymnasium and hospital inside the store. Valets were present in the locker rooms, just in case the clerks might want to change out of their work attire into "evening" dress. Such a lovely way to shop.
4. Payless Shoe Source
Most PayLess stores are located in malls. Malls throughout the country are having a tough time and so is Payless’ revenue.
Reality is you can find better deals at places like Kohl's, Amazon and more, without having to even head into a mall.
5. Mattress Firm
Mattress Firm plans to close up to 700 stores as part of its Chapter 11 bankruptcy, including more than 200 within days.
The nation's largest mattress retailer said in a court filing that it will not conduct typical liquidation sales, where customers might otherwise score a going-out-of-business deal.
Instead, it will transfer mattresses to other stores, warehouses or distribution centers, or could "decide to abandon" showroom products altogether.
After a major acquisition spree in recent years, the chain has 3,230 company-owned stores and another 125 franchised locations. It has almost 10,000 employees.
The company expects to stay in business despite significant challenges, including declining sales. There is just too much competition from bed-in-a-box online sellers such as Casper and Leesa and stores such as Costco.